Wells Fargo (WFC)

Wells Fargo & Co.'s (WFC) third-quarter earnings surged 98% as results were boosted by the bank's acquisition of Wachovia, but credit-loss provisions and net charge-offs continued to rise. Wells Fargo, the third-largest U.S. bank by market capitalization, posted earnings of $3.24 billion, or 56 cents a share, up from $1.64 billion, or 49 cents a share, a year earlier. The company had 41% more shares outstanding in the most recent period amid the takeover. Revenue more than doubled to $22.5 billion.
Analysts polled by Thomson Reuters projected earnings of 37 cents on revenue of $21.64 billion.

Oct 21 · 10:26:00 AM · Source: Wall Street Journal
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by Larry Etter